Purchasing a property - getting a mortgage

[limey10]

Hi all.

My wife finally got her BRP spouse visa last October.

So now we want to set down our roots in the UK a bit more by buying a house (or at least a bit of a house).

Our position:

My wife is now working full time, paying tax and all those good things.
I am self employed making about the same as my wife.

We have found a shared ownership property nearby that suits us down to the ground.

For a 45% share it's GBP101,000
We have a GBP55,000 deposit

Sadly my wage is not enough to secure a mortgage on my own. So we are short of GBP46,000

Lenders are telling me that they will not give us a joint mortgage because by wife has not been in the UK for 3 years or more.

I can't say that I'm totally surprised - just another knife in the back from the UK system that likes to stifle anyone trying to advance their position.

Having said that, does anyone in a reasonably similar position (i.e., length of stay being too short to obtain a mortgage) have any experience of obtaining a mortgage. If so... please tell me how or where.

Thanks in advance, Phil

[CR001]

just another knife in the back from the UK system that likes to stifle anyone trying to advance their position.

The banks/mortgage company have their own rules. You either meet the requirements for a mortgage or you don't. They have every right to ask for more residency and protect themselves. 2008 crash which included the property bubble bursting is still very fresh in mind. Bank of England has also imposed stricter criteria on mortgage providers to avoid reckless lending.

[limey10]

Hi CR001

I hear what you are saying. However, I have already proved to the Home Office that I am in a position to look after my wife in the UK financially .... and that was before she got a full time job.

What earthly difference does it make whether she has been here 6 months or 3 years. Even at the 3 year point she will still not have ILR.

Again, these rules only apply to non-EU nationals. How does asking for more residency protect them?

A mortgage advisor told me that I required at least 2 years of self employed tax returns before they would consider me for a mortgage. However, if I got a job with an employer, I could get a mortgage the next day. How is that more secure than being self employed.

Anyway, drifting slightly off topic. Does anyone know of lenders that don't impose these ridiculous rules?

[noajthan]

Its not about you, its about financial rigour in post-crash Britain.

Well its partially about you as not everyone with ILR stays in UK.

Suggest start by working on your credit rating.

And a mortgage broker who specialises in ILR cases may be another good place to start.

[limey10]

Hi noajthan.

My credit rating is actually really good. However, as I explained, I am self employed and I don't earn enough to satisfy the mortgage calculations.

"Not everyone with ILR stays in the UK"

and not everyone without ILR stays in the UK, and not everyone in a high paying job stays in the UK.

...so why set a time limit of 3 years, why set a time limit at all?

"a mortgage broker who specialises in ILR cases" My wife doesn't have ILR.

[noajthan]

So, just like most people, you have some pluses and some minuses on your balance sheet.

As you've checked credit rating, suggest find appropriate broker next.

[limey10]

So, just like most people, you have some pluses and some minuses on your balance sheet.

As you've checked credit rating, suggest find appropriate broker next.

The problem is not pluses or minuses on my balance sheet. The problem is that lenders will not lend to self employed or non-EU nationals (of which the latter is pertinent to this forum).

Hence my reason for coming onto the forum to ask if anyone knew of another source i.e., an appropriate broker.

[noajthan]

Well the forum can't help with specifics of named brokers as there is no way to verify any claims.

[Wanderer]

So, just like most people, you have some pluses and some minuses on your balance sheet.

As you've checked credit rating, suggest find appropriate broker next.

The problem is not pluses or minuses on my balance sheet. The problem is that lenders will not lend to self employed or non-EU nationals (of which the latter is pertinent to this forum).

Hence my reason for coming onto the forum to ask if anyone knew of another source i.e., an appropriate broker.

Try these, mortgages for contractors may well include self-employed. I've never used them, but I know a lot who have been happy with them, obvs I have no connection with them at all.

https://www.contractormortgagesuk.com

[anniecc]

Many lenders will not consider you until you have ILR but it really depends on the individual lender's rules. You need to ask around. I have a colleague who is on a Tier 2 visa who recently obtained a mortgage.